In the current income tax year Eddie has a phone business and sells $500,000 (excluding...
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Accounting
In the current income tax year Eddie has a phone business and sells $500,000 (excluding GST) of mobile phones, and also receives a non-redeemable and non-transferable holiday from Ericson, a phone supplier, worth $5000 (excluding GST). Which statement is correct? Eddie has ordinary income of:
a.
$505,000 as per Kelly (1985) 80 FLR 155 case.
b.
$500,000 as per Cooke & Sherden (1978) 23 ALR 229 cases.
c.
$505,000 as per Californian Copper case (1904) 6 F 894.
d.
$505,000 as per AG of British Columbia case [1904] AC 144.
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